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Milei Seeks U.S. Backing in New York as Peso Defense Drains Reserves

The Financial Times warns the government’s exchange‑rate strategy is unsustainable.

Overview

  • The president travels with Economy Minister Luis Caputo to meet Donald Trump, Treasury Secretary Scott Bessent and IMF chief Kristalina Georgieva in a push for external support.
  • Talks over a potential U.S. Treasury swap or loan are described in local reports as advanced, with figures ranging from about US$10 billion to US$30 billion, but no agreement has been announced.
  • The Central Bank sold roughly US$1.11 billion across three sessions to hold the dollar at the top of the exchange band, as Caputo vowed to “sell until the last dollar.”
  • Reports indicate any U.S. Treasury support via the Exchange Stabilization Fund could come with conditions tied to debt service next year, and any disbursement would not be immediate.
  • At home, the Chamber of Deputies overturned Milei’s vetoes on university financing and pediatric emergency funding, and opposition leaders are organizing an early‑October Senate session to reverse them, with a parallel push to protect the nuclear system as a non‑transferable strategic asset.